July 1st 2014: Austrianova Receives “Board of Investment” Status for its Thai Subsidiary

Austrianova today announced that its wholly owned Thai subsidiary has been awarded Board of Investment (BOI) status. BOI is an agency of the Thai government designed to assist companies operating in the high tech space in numerous ways. These include allowing Thai based companies to be 100% foreign-owned as well as providing tax incentives (8 years tax holiday) as well as assistance in the provision of visas and work permits to facilitate entry for foreign expert staff. BOI also promotes Thai based companies worldwide.

Brian Salmons, CEO of Austrianova, said “We are delighted that our Thai company has been granted BOI status. This status does not only bring operating and financial advantages but it is also a prestigious award since it is bestowed as a result of a highly competitive process.”

Austrianova’s Chairman, Prof. Walter H. Gunzburg, added “We see our expansion into Thailand as a key strategic move in the commercialisation of our living cell encapsulation technologies, Cell-in-a-Box® and Bac-in-a-Box®.